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02/18/2003 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING CITY OF CLEARWATER February 18, 2003 Present: Brian Aungst Chair Whitney Gray Vice-Chair/Trustee Hoyt Hamilton Trustee Frank Hibbard Trustee William C. Jonson Trustee Also Present: William B. Horne II City Manager Pamela K. Akin City Attorney Scott Christiansen Pension Plan Attorney Joe Roseto Human Resources Director Cynthia E. Goudeau City Clerk Patricia O. Sullivan Board Reporter The Chair called the meeting to order at 9:17 a.m. at City Hall. To provide continuity for research, items are in agenda order although not necessarily discussed in that order. ITEM #2 - Approval of Minutes: Trustee Gray moved to approve the minutes of the January 21, 2003, meeting, as recorded and submitted in written summation by the City Clerk to each Trustee. The motion was duly seconded and carried unanimously. ITEM #3 - Request for Acceptance into Membership: Human Resources Director Joe Roseto presented the recommendation of the PAC (Pension Advisory Committee) to approve membership for employees: Sam Swinton, Jr., Jere Gunderman, Jessica Stephens, Amy Roberson, Scott Fowler, Nathan Burnside, Jeffery Richardson, Amanda Edmunds, Shannon Anderson, Brian Jerard, Anthony Mills, Carlene Gabehart, Marc Shen, Juan Fontella, Michael Rodriquez, and Krintina Pupke. Trustee Jonson moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously. ITEM #4 – Regular Pensions to be granted Mr. Roseto presented the recommendation of the Pension Advisory Committee that Dianne Burkhammer, Lawrence Browett, and Belinda Massey be granted regular pensions under Sections 2.393 and 2.397 of the Employees' Pension Plan. Dianne Burkhammer, Police Officer, Police Department, was employed on January 31, 1983, and her pension service credit is effective on that date. Her pension will be effective February 1, 2003. Based on an average salary of approximately $48,176 per year over the past 5 years, the formula for computing regular pensions, and Ms. Burkhammer’s Pension Trustees 2003-0218 02/18/03 1 selection of the 50% Joint & Survivor Annuity, this pension will approximate $25,624 annually. Lawrence Browett, Fire Lieutenant, Fire Department, was employed on August 6, 1979, and his pension service credit is effective on that date. His pension will be effective February 1, 2003. Based on an average salary of approximately $54,373 per year over the past 5 years, the formula for computing regular pensions, and Mr. Browett’s selection of the 100% Joint & Survivor Annuity, this pension will approximate $34,519 annually. Belinda Massey, Administrative Analyst, Gas Department, was employed on June 25, 1973, and her pension service credit is effective on that date. Her pension will be effective July 1, 2003. Based on an average salary of approximately $38,872 per year over the past 5 years, the formula for computing regular pensions, and Ms. Massey’s selection of the 100% Joint & Survivor Annuity, this pension will approximate $31,538 annually. The PAC approved pensions for Ms. Burkhammer, Mr. Browett, and Ms. Massey on January 9, 2003. Section 2.393 (p) provides for normal retirement eligibility when a participant has completed 20 years of credited service in a type of employment described as “hazardous duty” and further specifically defines services as a Police Officer, Fire Lieutenant, and Fire Lieutenant Rescur/Paramedic as meeting the hazardous duty criteria. Section 2.393 (p) also provides for normal retirement eligibility when a participant has reached age 55 and completed twenty years of credited service, has completed thirty years of credited service, or has reached age 65 and completed ten years of credited service. Ms. Burkhammer and Mr. Browett qualify under the hazardous duty criteria. Ms. Massey qualifies under the 30 years of service criteria. Trustee Gray moved to grant regular pensions for Dianne Burkhammer, Lawrence Browett, and Belinda Massey be granted under Sections 2.393 and 2.397 of the Employees’ Pension Plan, as approved by the Pension Advisory Committee. The motion was duly seconded and carried unanimously. ITEM #5 – Pension to be vested Brett Ward, Police Officer, Police Department, was employed by the City on September 30, 1985. Mr. Ward terminated from City employment on January 6, 2003. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater after completing ten or more years of creditable service (pension participation), then such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.393 (p) provides for normal retirement eligibility when a participant has completed twenty years of credited service in a type of employment described as “hazardous duty” and further specifically defines service as a Police Officer as meeting the hazardous duty criteria. Section 2.393 also (p) provides for normal retirement eligibility when a participant has reached age 55 and completed twenty years of credited service, has completed 30 years of credited service, or has reached age 65 and completed ten years of credited service. Mr. Ward would have completed twenty years of service on September Pension Trustees 2003-0218 02/18/03 2 30, 2005. His pension will be effective October 1, 2005. This pension was approved by the Pension Advisory Committee on January 9, 2003. Trustee Hibbard moved to allow Brett Ward, Police Department, to vest his pension under Sections 2.397 and 2.398 of the Employees Pension Plan as approved by the Pension Advisory Committee. The motion was duly seconded and carried unanimously. ITEM #6 – Other Business – None. ITEM #7 - Adjournment The meeting adjourned at 9:19 a.m. Pension Trustees 2003-0218 02/18/03 3